Binance, the largest cryptocurrency exchange in the world, momentarily halted bitcoin (BTC) withdrawals on Sunday morning U.S. time due to an influx of pending transactions and sky-high fees on the Bitcoin network.
Within two hours of the initial Twitter post on the withdrawals, the firm had restarted withdrawals.
According to on-chain data, there are currently approximately 400,000 Bitcoin transactions awaiting confirmation, an amount that exceeds that which was witnessed during the 2018 and 2021 bull runs.
Binance has increased the transaction fee
Since March, average transaction fees with Binance have doubled, reaching a new all-time high by over two months. Compared to a year ago, when the price was only $2, the current rate is $8.
An international observer previously cited Colin Harper, head of content at Luxor Technologies, a full-stack Bitcoin mining pool, as saying, “This current fee spree is an anomaly.” The BRC-20 standard is a new way to inscribe, and that is the main distinction between the current increase in transaction costs and previous increases associated with inscriptions. The increasing popularity of this benchmark has resulted in higher prices.
There are currently 14,000 tokens in circulation worth $482 million in Bitcoin ordinal inscription tokens, also known as the BRC-20 standard designator.
Bitcoin has lost 0.15 percent in value during the past 24 hours, trading at $28,935.
To read our article about “Crypto legalized in China for small transactions from 7 May” click here.